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News

The Money Statistics September 2014

4.03m people have joined an auto-enrolment pension scheme

£110m of loans to individuals was written off every day by banks and building societies

Every 21 minutes 29 seconds a property in the UK is repossessed

£64.56 is the average cost of filling a 50-litre tank with unleaded petrol

£146,853 is the average size of a first-time buyer loan

£1.452bn is the total amount of personal debt in the UK

468 a day fewer people were long-term unemployed every day in the last year

£18,134 is the average spending per second on credit and debit cards

£4,699 is the annual interest paid on the average new mortgage, based on July 2014 trends

UK Personal Debt

People in the UK owed £1.452 trillionat the end of July 2014. This is up from £1.428 trillion at the end of July 2013 – an extra £478 per UK adult.

The average total debt per household – including mortgages – was £54,979in July. The revised figure for June was £54,864.

Per adult in the UK that’s an average debt of £28,756 in July – around 116% of average earnings. This is up from a revised £28,696 in June.

Based on July 2014 trends, the UK’s total interest repayments on personal debt over a 12 month period would have been£59.1 billion. That’s an average of £162 millionper day. This means that households in the UK would have paid an average of £2,236in annual interest repayments. Per person that’s £1,171 – 4.70% of average earnings.

Outstanding consumer credit lending was £161.9 billion at the end of July 2014. This is up from £158.1 billion at the end of July 2013, and is an increase of £76.00 for every adult in the UK.

Per household, that’s an average consumer credit debt of £6,130in July, down from a revised £6,102 in June.

It also means the average consumer credit borrowing was £3,206per UK adult in July. This is up from a revised £3,192in June.

Total credit card debt in July 2014 was £57.4bn. Per household this is £2,172 – for a credit card bearing the average interest, it would cost £54 a month to clear the debt in five years or £38 a month to clear it in ten years.

Outstanding mortgage lending stood at £1.290 trillion at the end of July. This is up from £1.270 trillion at the end of July 2013.

That means that the estimated average outstanding mortgage for the 11.1m households with mortgage debt was £115,742 in July.

The average Mortgage Interest rate was 3.22% at the end of July. Based on this, households with mortgages would pay an average of £3,727 in mortgage interest over the year.

For new loans, the average Mortgage Interest rate was 3.2%. Using the latest figures from the Council of Mortgage Lenders, this means new mortgages would attract an average of £4,699in interest over the year.

Everyday in the UK

The population of the UK grew by an estimated 1,223 people a day between 2003 and 2013.

It costs an average of £29.65per day to raise a child from birth to the age of 21.

On average, a UK household spends £2.98 a day on water, electricity and gas.

297people a day are declared insolvent or bankrupt. This is equivalent to one person every 4 minutes 51 seconds.

33.1 millionplastic card purchase transactions were made every day in June 2014, with a total value of £1.567 billion.

8.96mcash machine transactions were made every day in July with a total value of £369m.

1,893Consumer County Court Judgements (CCJs) are issued every day, with an average value of £2,278.

Citizens Advice Bureaux in England and Wales dealt with 6,519new debt problems every working day during the year ending March 2014.

71properties are repossessed every day, or one every 20 min 15 seconds.

The number of mortgages with arrears of over 2.5% of the remaining balance fell by 59a day.

The number of people unemployed for over 12 months fell by 468 per day.

1,220people a day reported they had become redundant between April and June.

Government borrowed £7.7 millionper day during July 2014 (equivalent to £89per second).

Net lending to individuals in the UK increased by £110ma day.

UK borrowers would have paid £162ma day in interest, based on July 2014 trends.

118mortgage possession claims and 87 mortgage possession orders are made every day.

423landlord possession claims and 353 landlord possession orders are made every day.